Debt Agreement Renegotiated
MEXICO CITY (AP) _ Costa Rica has renegotiated payment of $100 million of its debt to Mexico on easier terms, prompting the Mexican state petroleum monopoly to resume shipments of crude oil, Costa Rican central bank president Eduardo Lizano announced.
Mexico suspended shipments last year because of non-payment due to Costa Rica’s increasing economic difficulties. Mexico itself is suffering a continuing economic crisis because of a $96.4 billion foreign debt.
Lizano, one of the negotiators, told reporters Saturday that Costa Rica has pledged to pay Mexico $58 million next year, including $20 million it owes for oil purchases. After that, he said, Costa Rica will have a 41/2 -year grace period. The other $42 million will be spread out over five years.